Sri Lanka to import coconut-related products equivalent to 200 million nuts
Daily FT: The Cabinet of Ministers has approved importing the equivalent of 200 million coconuts to mitigate the effects of a domestic production shortfall.
The move follows consultations with the Department of Agriculture and the Coconut Development Authority.
The imports will include chilled coconut kernel, dried coconut pieces, non-copra coconut, coconut milk, coconut milk powder and desiccated coconut to ensure local industries have the raw materials they need while stabilising the market prices.
Speaking at the weekly post-Cabinet meeting media briefing, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the annual national demand for coconut stands at around 3 billion, but last year’s total production fell to 2.65 billion nuts due to adverse weather, pests and fertiliser shortages.
“Of this 1.4 billion coconuts are used for industrial purposes and 1.6 billion are consumed domestically,” he added.
He said the Ministry of Plantation Industries has been instructed to oversee the import while ensuring compliance with legal provisions.
OSL take:
Sri Lanka’s ongoing economic activities and the increasing demand for goods and services are evident by certain decisions taken by the Sri Lankan government that include the move to import coconut-related products equivalent to 200 million nuts. This latest decision on coconut-related products is indicative of the many emerging business/investment opportunities in Sri Lanka. Sri Lanka’s agriculture and plantation industries are on an expansion path presenting many direct and indirect business/investment opportunities. Given that Sri Lanka is on a path to becoming a regional hub resulting in the steady expansion of business/investment opportunities, especially in the agriculture and export industries, foreign businesses/investors could therefore confidently explore these opportunities.
| Article Code : | VBS/AT/20250218/Z_4 |